Customer Reviews

Mergers, Acquisitions, and Other Restructuring Activities, Second Edition: An Integrated Approach to Process, Tools, Cases, and Solutions (Academic Press Advanced Finance)

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This book takes the mystery out of M&A financial modeling and structuring deals. Many books on the subject seem to take a "black box" approach to how to do deal structuring and valuation. The author discusses in plain language how to do valuation, simulation, and deal structuring using financial models and how to use such models to select the best offer price for a target firm. The book includes detailed discussions of tax, accounting, and alternative deal structures.

The CD accompanying the book contains an Excel spread sheet model that can be modified to fit the unique circumstances of any transaction. This alone justifies buying the book, in my opinion.

The book also provides keen insights into how M&A can be used to implement business plans, how to identify potential target firms, strategies for contacting potential targets, and how to draw up initial documents such as confidentiality agreements and letters of intent. The book is highly comprehensive covering virtually all topics necessary to understanding the M&A process.

For the money, it is the best book on the subject, up-to-date, complete, and highly readable. If you have a serious interest in the subject, this is an important book to add to your library.

I loved this book. It managed to treat a highly complex subject in an understandable fashion. The author makes use of detailed examples (alright, sometimes too detailed) and explanations to ensure the reader is able to understand important points. The book is sprinkled with short business cases to illustrate key points and concepts. The author removes successfully the shroud of mystery that seems to envelope some books on this subject, namely with many authors it is unclear how they arrived at a particular conclusion. This book also does a great job of documenting observations and conclusions. The reader is given the opportunity to review additional resources if he (she) is interested in drilling down in more detail on a single subject.

The author also gives the reader incredible insight into M&A model building, providing detailed excel spreadsheets containing the underlying formulae needed to value transactions and determine financing feasiblity. I was able to alter many of the model's formulas to meet my own requirements. This model saved me many hours of painstaking work that I would have had to undertake in its absence.

While book contains cases desribing virtually all major transactions during the last decade, it is a little light in its discussion of international transactions. The major ones are covered such as Vodafone and Mannesmann, but I would have like to see a broader cross section of international transactions covering more industries. However, this would add substantially to the book's length. Given the author's writing and organizational skills, I would like to see a book focused totally on interantional transactions by him.

All in all, the book is well worth the price. In fact the software alone on the CD ROm may be worth the price.

This book is very well written...packed full of helpful information on M&A. The author's use of short cases to illustrate key points was most helpful. I found the down to earth discussion of how to put deals together very clear. I particularly enjoyed the fact that the scope of the book included an extensive discussion of alternative strategies such as JVs to mergers and acquisitions. The author also managed to include an exceedingly large number of case studies in the book, many of which were international transactions. Good book, good read. I highly recommend it.

While this book covers all aspects of how to do a deal, the chapters on valuation, deal structuring, and financial modeling are by far the most lucid I have seen. The Excell spread sheet model on the CDROM accompanying the book provides incredibly helpful insight into how purchase price strategies are developed. The reader can review all of the underlying formulas enabling them to modify the model or to develop their own. Moreover, the model provides the reader with unusal insight in how all valuation, tax, accounting, and synergy considerations converge and interact to affect price. Overall, the book is very well written, clear, and supported.

This book is my first attempt to understand what I had always believed was the arcane world of high finance and, more specifically, M&A. After reading much of this book, I find that I am more excited than ever in this subject area. While understanding the material required that I use my someone dated understanding of accounting, finance, and economics, the book is organized and written in such a way that you don't have to be an expert in these fields to understand why and how transactions take place. The author stepped quite skillfully throught the factors contributing to mergers and acquisitions, the regulatory environment in which they take place, the myriad measures employed to make them happen and the counter measures used to fend them off. I was fascinated to see the overwhelming importance of sound business planning in creating successful acquisitions. The author then took me through an exceptional discription of steps required for transactions and what activities are undertaken in each phase. I also appreciated the extensive documentation in the book, which reinforced the accuracy of what was being said. All things being considered, I was quite happy with the book and feel that I now have a much greater knowledge of this field than I did before.

Unlike many other treatments of this subject, this text discusses M&A in the context of a process or framework. The author takes great pains to show how all M&A related activities interact. The text discusses both technical (e.g., valuation, accounting, and tax issues) and non-technical (e.g., strategy development, identifying potential targets, initial contact, negotiation, and integration) issues. The book does an excellent job of talking about alternatives to M&A for executing strategies, including alliances, joint ventures, partnerships, etc.

Numerous recent case studies illustrate various concepts and situations. The coverage of laws affecting different types of business combinations, of accounting standards applicable to M&A, and of relevant tax considerations is both current and excellent. The book also contains useful checklists to facilitate implementing transactions. The book is also chock full of helpful insights and hints of what to look for and how to avoid the traps that often accompany different types of transactions.

The book also contains an excellent discussion of other ways to enhance shareholder value. These include spin-offs, divestitures, carve-outs, bust-ups, and bankruptcy.

The book is highly practical and well-documented and could be viewed as a handbook on how to use M&A (or alternatives to M&A) to execute business stratgies. I think the book is an indispensable reference for accountants, lawyers, investment bankers, CFOs, and others involved in making transactions happen.

I liked the book because it covers in some detail all important aspects of buying and selling companies. Very little theory and great documentation of key points. The liberal use of examples makes understanding and applying fundamental concepts a lot easier. The emphasis was clearly on how to do a transaction written by someone who seems to have great experience. The book should be useful to the grizzled M&A warrior, business executive, or investmnt banker.

This is an excellent book. The author thoroughly describes the process and analysis of mergers and acquisitions. He also outlines LBO's, shared growth, and alternative exit and restructuring strategies.

I have taught M&A for several years and have read a number of books on the subject that I thought would be suitable for both undergraduate and post graduate students. I liked this book very much because it covers all the important aspects of buying and selling companies, without a great deal of mind-numbing theory. The emphasis in this book is clearly on how to do transactionss written by someone who seems to have great experience in this area. It is a book that successfully focuses on the "how to" without leaving the reader wondering why. I also found the Excel valuation and structuring model found on the CD Rom to be a most useful tool for teaching. I also get the sense the the model could be as the author suggests customized to satisfy any practioner. The much expanded chapter on M&A financial modeling is by far the most complete and sophisticated I have seen. This chapter in conjunction with the model make this book, in my opinion, a valuable addition to the literature on this subject.

I liked the first edition, and loved the second. The author has done a great job in updating cases and introducing the most recent transactions using a smooth, yet commanding writing style. I found the book highly readable and well documented. None of this highly subjective opinion stuff. The author goes out of his way to substantiate the text using recent studies. This book should be helpful in the classroom as well as the business boardroom for those that are looking for a comprehensive, yet uncommonly practical treatment of a tough and demanding subject matter.

The book is a bit heftier than the first edition, but that is because it contains a lot of helpful additional material. Foe example, the detailed due diligence question list is quite complete and professional. It is among the best that I have seen. The CD ROM gives the reader a very sophisticated model that comprehends all aspects of a typical transaction, including gains from synergy and the effects of alternative ways of financing. Works quite well in evaluating alternative sets of terms and conditions and differing valuation assumptions. So check it out... I don't think you will be disappointed.